After months of deliberation, fundraisers and public disagreements, a decision has been reached on the fate of legendary New York Punk club CBGB. The venue will shutter its doors for good on October 31, 2006. CBGB's owner Hilly Kristal and the Bowery Residents' Committee (BRC) have reached an agreement, after allowing the lease to expire on September 1. MTV.com reports that the new, short-term lease is at the "near-market" rent of $35,000 a month.

Kristal told the New York Times, "I'm glad we got it done. There are two choices: either keep going to court and keep spending money on lawyers, or else do it this way." BRC Executive Director Muzzy Rosenblatt added in a statement that the organization was "pleased that we were able to reach an agreement, and can now concentrate on helping the needy and homeless of New York City."

In a statement, Mayor Michael Bloomberg chimed in, saying, "CBGB has served as an incubator for cutting edge artists and entertainers. With today's agreement and our efforts, I believe CBGB will continue in its prominent role in setting trends in music and culture." Bloomberg's office helped mediate the negotiations between the two sides.

Kristal says that he is still considering re-opening CBGB at a new location in the future and told the Times he is looking at potential new buildings around the city. He has also investigated the possibility of opening a Las Vegas CBGB as well.